Oslo, Norway — May 4, 2026
Norwegian energy giant Equinor has committed $1.8 billion to extend drilling and well services contracts with major oilfield suppliers, aiming to counter an expected decline in production from its mature fields by the late 2020s.
Strategic Contracts with Major Suppliers
Equinor has awarded the contracts to local units of industry leaders Baker Hughes, Halliburton, and SLB. The agreements cover integrated drilling and well services, along with specialized support linked to these operations. The move underscores Equinor’s focus on maintaining output as existing fields age.
The company plans to drill 20 to 30 exploration wells annually, with 80% of these efforts targeting areas near existing infrastructure. The remaining 20% will explore lesser-known regions and new concepts. "There is still a lot of energy left on the NCS [Norwegian Continental Shelf], but we need new discoveries to curb the expected production decline," a company statement noted.